search

Web Search powered by YAHOO! SEARCH
May 12, 3:45 PM EDT

The International Monetary Fund has reached a staff-level agreement on a second payment that would make available $1.25 billion to Egypt and would bring its total disbursements to about $4 billion


Latest News
4,300-year-old pyramid discovered in Egypt
Women join fight against female circumcision
Cheap electronics threaten Egyptian repairmen
Egypt's chief prosecutor has referred 48 suspected Islamic militants to a military trial over their alleged participation in deadly attacks targeting Christian churches

Egypt's president goes on live TV to answer public's complaints and woes in a savvy form of political theater

Jordan's king visits Egypt for talks expected to touch on Israeli-Palestinian conflict, Trump's visit to Saudi Arabia

Egypt says Trump called President el-Sissi to express commitment to 'robust strategic' ties between their countries

Judges from one of three main branches of the Egyptian judiciary have voted to defy a newly adopted and widely disputed law enhancing the president's control over the judiciary

CAIRO (AP) -- The International Monetary Fund has reached a staff-level agreement on a second payment that would make $1.25 billion available to Egypt and bring its total disbursements to about $4 billion.

In a statement Friday, the IMF has said the agreement is "a vote of confidence" by its staff in support of Egypt's economic reform program.

It is still subject to approval by the organization's executive board.

Egypt's finance minister said this week that the second instalment is expected in the second half of June. A first instalment of $2.75 billion dollars has already been paid out.

Egypt secured the $12-billion three-year loan last November after taking a set of tough economic measures including reducing subsidies, enacting the value-added tax, and the devaluation and subsequent floatation of its local currency. 

© 2017 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. Learn more about our Privacy Policy and Terms of Use.

advertisement